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Desmond-backed diamond firm warns of fallout from Covid-19

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Billionaire Dermot Desmond has been raising his stake in Mountain Province Diamonds. Photo: Getty

Billionaire Dermot Desmond has been raising his stake in Mountain Province Diamonds. Photo: Getty

Billionaire Dermot Desmond has been raising his stake in Mountain Province Diamonds. Photo: Getty

A Canadian mining firm backed by billionaire Dermot Desmond warned that the global Covid-19 pandemic is causing major uncertainty for the world's diamond industry, with the sector having already been hit by the lockdown in China that coincided with the Lunar New Year.

Mr Desmond owns just over 31pc of Mountain Province Diamonds, which along with De Beers owns the remote Gahcho Kue diamond mine in Canada's Northwest Territories, on the edge of the Arctic Circle.

Mountain Province owns 49pc of the open-cast mine, while diamond giant De Beers owns 51pc.